Maine Real Estate License Practice Exam

Which of the following must a listing licensee do upon receiving an accepted offer?

1. Immediately inform the designated broker

2. Notify the sellers about financing options

3. Deposit earnest money within a specific time frame

4. Draft a new contract with contingencies

The correct answer is: Deposit earnest money within a specific time frame

The correct response highlights the critical responsibility of a listing licensee regarding the management of earnest money upon receiving an accepted offer. Once an offer is accepted, it is essential for the licensee to ensure that the deposit of earnest money is completed within a specific timeframe, which is typically outlined in the purchase agreement. This step is crucial as it demonstrates the buyer’s commitment to the purchase and also protects the interests of both parties involved in the transaction. Timely depositing earnest money is important for several reasons. It establishes a formal agreement and helps to build trust among all parties. Additionally, failure to deposit the funds within the required timeframe could result in negative consequences, such as jeopardizing the transaction or potentially exposing the seller to liability if the buyer backs out. While communicating with the designated broker and notifying sellers about financing options are important aspects of a listing licensee's duties, they are not obligatory immediate actions upon the receipt of an accepted offer. Drafting a new contract with contingencies is unnecessary as the accepted offer already outlines the terms of the agreement. Instead, the focus should be on the proper handling of earnest money to safeguard the transaction’s progress.